Global Marine Gensets Market: Industry Analysis and Forecast (2019-2026)
Posted by rahul on March 17th, 2021
Global Marine Gensets Market was valued US$ XX Bn in 2019 and is expected to reach US$ 7.1 Bn by 2026, at a CAGR of around XX % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The report covers all the trends and technologies playing a major role in the growth of the marine gensets market over the forecast period. It highlights the drivers, restraints, & opportunities expected to influence market growth during 2019-2026.
The appropriate marine genset can be purchased by calculating the total power requirement of all equipment onboard and then selecting a genset that provides an output of roughly 20 % higher than what is required. Marine gensets can also be water-cooled to improve their peak performance efficiency, which also helps in expanding the marine gensets market growth.
However, the introduction of alternative fuels and natural gas as fuel is expected to impact the diesel segment with marine gensets. Higher levels of air pollution causing restraints on the usage of diesel has also hindered its application as a fuel for marine gensets.
Commercial vessels are expected to account for the largest XX% market share by 2026. Growing international long-voyages coupled with rapid industrialization across the emerging economies will encourage product adoption. Moreover, elevated demand for retrofits of existing vessels will accelerate product deployment. Ongoing demographic shifts & global urbanization is corresponding in increasing cross-border transport, which will further generate fuel business growth across the sector.
Region-wise, the APAC region is expected to witness substantial growth in the marine gensets market during the forecast period, because of the flourishing shipbuilding industry in the coastal areas of China, Korea, and Japan. Additionally, government initiatives regarding gas carrier vessel in these countries are propelling the demand for natural gas. So, the growing use of defense vessel is expected to spur deployment of these systems as a source of backup power. Also, increasing concerns about fossil fuel consumption and energy security have engendered imposition of rigorous policies on marine genset manufacturers in the region.
The report covers a recent development in the global market for marine gensets like In June 2019, Wartsila Group announced that they have started the work on execution of its Smart Technology Hub project.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Marine Gensets Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment shortly to the emerging segment in the Global Marine Gensets Market.
Scope of the Global Marine Gensets Market
Global Marine Gensets Market, By Vessel Type
• Commercial vessels
• Diesel Fuel
• Up to 1,000 kW
• North America
• Cummins, Inc.
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About the Authorrahul
Joined: February 3rd, 2021
Articles Posted: 122
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